Can Social Media Save Your “Graying” Practice?
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Aging is a painful topic to discuss. But I’ve talked to many financial advisors over the last few months who are confused, overwhelmed and in the dark about how use social media to reach the younger generations of wealth and rejuvenate a “graying” practice.
Re-starting your practice
Let’s say you’ve been in the business for 20 years and you’ve noticed your practice is starting to deteriorate. Every month you hear about a client passing on. You know you need to do something to reach the younger generations and replace the lost clients, but you’re not sure what.
I had this exact conversation with five different advisors last week. The position they found themselves in is not a welcome one. They started their practice from scratch 20 years ago with a phone and one computer. They hustled, went through hand-to-hand combat, stayed up late at night and sacrificed family time on the weekends to get the practice established. They’ve maybe been through a lawsuit or a regulatory event or two. Recessions have come and gone.
Now their practice is starting to go gray. They thought that once they got to a critical mass that it would be smooth sailing. For the most part, it is – until clients start dying off. Hard to handle emotionally, especially because many advisors feel their clients are their extended family.
They know they have an “in” with their clients’ children, the recipients of their wealth, but how do you reach them? Moreover, how do you appear relevant to them (and not like some fuddy-duddy) with over two decades of age difference?
Much like when you first set out and established your practice, you’re going to have to put on your marketing hat. Only this time, it’s not going to be through dinner seminars and cocktail parties. You have a powerful weapon that wasn’t available years ago – the internet.